Eurozone crisis 'not affecting overseas property buyers'

Eurozone crisis 'not affecting overseas property buyers'

Overseas property buyers are continuing to make investments in homes despite the fact the eurozone crisis appears to be no closer to a conclusion.

According to a survey by The Overseas Guides Company, at least a third (36 per cent) of respondents to a poll have not changed their approach to buying abroad in recent years, despite the financial instability of many countries on the continent.

Greece, Portugal, Italy and Spain are among those to be in difficulty at the present time, with nations including Germany having to decide whether a bail-out is the right decision to make.

Richard Way, editor of The Overseas Guides Company, stated a "clear picture" of a typical overseas property buyer can be built up as a result of the results of the poll.

He explained that they are typically a "financially self-sufficient retired or semi-retired person looking for a discounted home abroad where they can enjoy a better way of life than in the UK".

It was found in the report by the company that close to three-quarters (70 per cent) of prospective overseas property buyers will buy outright without a mortgage. Some 73 per cent of those making the move will rely on pensions or investments to support themselves financially during their time abroad.

"Not having to rely on employment or financial support, whether it be mortgages, loans or benefits, in their new country means this group of buyers are practically immune to the typical knock-on effects of the debt crisis affecting the local populations of many countries in the eurozone," said Mr Way, who added the exchange rate is currently at the most favourable it has been for Brits for around four years, which could make now the ideal time to make an overseas property purchase.

Robert Rayne, chairman of Derwent Capital, recently noted London's popularity among foreign property investors remains as strong as ever despite the state of the economy in the UK at the present time.

The city's worldwide reputation has been enhanced by events such as this summer's Queen's Diamond Jubilee Celebrations and the Olympic Games.